Vir(US:VIR)2024-02-22 21:12Financial Performance - Total revenues for Q4 2023 were $16.8 million, a decrease of 66.0% compared to $49.4 million in Q4 2022; total revenues for the full year 2023 were $86.2 million, down 94.7% from $1.6 billion in 2022[16]. - The company reported a net loss of $(116.0) million, or $(0.86) per share, for Q4 2023, compared to a net loss of $(101.6) million, or $(0.76) per share, in Q4 2022; for the full year 2023, the net loss was $(615.1) million, or $(4.59) per share, compared to a net income of $515.8 million in 2022[24]. - Total revenues for the three months ended December 31, 2023, were $16,787 million, a decrease from $49,410 million in the same period of 2022, representing a decline of approximately 66%[46]. - Collaboration revenue for the year ended December 31, 2023, was $37,266 million, compared to $1,505,469 million in 2022, indicating a significant decrease[46]. - The net loss for the three months ended December 31, 2023, was $115,973 million, compared to a net loss of $101,603 million in the same period of 2022, showing a worsening of approximately 14%[46]. - The net loss attributable to Vir for the year ended December 31, 2023, was $615,061 million, compared to a net income of $515,837 million in 2022, indicating a significant turnaround[46]. - The basic net loss per share attributable to Vir for the three months ended December 31, 2023, was $0.86, compared to $0.76 in the same period of 2022, representing a decline of about 13%[46]. - Total operating expenses for the year ended December 31, 2023, were $770,485 million, slightly down from $782,729 million in 2022, indicating a decrease of approximately 2%[46]. - Interest income for the year ended December 31, 2023, was $86,990 million, an increase from $28,092 million in 2022, reflecting a growth of about 209%[46]. - The total other income for the year ended December 31, 2023, was $56,111 million, compared to a loss of $78,788 million in 2022, indicating a significant improvement[46]. Expenses - R&D expenses for Q4 2023 were $111.9 million, including $2.6 million in severance charges, compared to $155.2 million in Q4 2022; full year R&D expenses were $589.7 million, up from $474.6 million in 2022[19]. - SG&A expenses for Q4 2023 were $43.1 million, including $1.9 million in severance charges, compared to $38.7 million in Q4 2022; full year SG&A expenses were $178.0 million, an increase from $161.8 million in 2022[21]. - Vir provides full year 2024 guidance for GAAP combined R&D and SG&A expenses in the range of $650 million to $680 million[25]. - Stock-based compensation expense is projected to be between $105 million and $115 million, while restructuring charges are estimated to be between $25 million and $35 million[25]. - Approximately 3% to 4% of the GAAP combined R&D and SG&A expenses will be funded by grants, recognized as revenue[26]. Cash and Assets - As of December 31, 2023, the company had approximately $1.63 billion in cash, cash equivalents, and investments, a decline of approximately $108 million during Q4 2023[15]. - As of December 31, 2023, total current assets decreased to $1,588.2 million from $2,519.1 million in 2022, reflecting a decline of approximately 37%[44]. - Cash and cash equivalents dropped significantly from $848.6 million in 2022 to $241.6 million in 2023, a decrease of about 72%[44]. - Total liabilities decreased from $724.1 million in 2022 to $328.8 million in 2023, a reduction of approximately 55%[44]. - Total stockholders' equity fell from $2,078.0 million in 2022 to $1,590.2 million in 2023, a decline of about 23%[44]. Research and Development - The SOLSTICE trial for chronic hepatitis delta is on track to complete enrollment ahead of schedule, with over 90% of participants dosed and initial data expected in Q2 2024[2]. - The company expects to report 48-week end of treatment data from the MARCH Part B trial for chronic hepatitis B in Q4 2024[11]. - The company plans to file multiple new INDs in the next 12-24 months, including investigational antibodies against influenza A and B, and respiratory syncytial virus[16]. - The company and GSK terminated their collaboration for influenza monoclonal antibodies, allowing the company to pursue independent development of its investigational therapies[12]. - Vir's investigational product Tobevibart is designed to block hepatitis B and delta viruses and has been engineered to potentially function as a T cell vaccine[29]. - Elebsiran, an investigational siRNA targeting hepatitis B, is the first asset in collaboration with Alnylam Pharmaceuticals to enter clinical trials[30]. - The development of several investigational monoclonal antibodies, including VIR-7229 for COVID-19 and VIR-2981 for influenza, is ongoing, utilizing proprietary discovery platforms[36][33].